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1. A company that attempts to lead its industry in price and convenience by pursuing a focus on lean and efficient<br />
operations is pursuing what strategy?<br />
<br />
<br />
<br />
<br />
Operational excellence<br />
Low-cost leadership<br />
Customer intimacy<br />
Product leadership<br />
2. One of the ways to change the course of a brand is to modify the product. Under product modification, ________ adds<br />
size, weight, materials, supplements, and accessories that expand the product’s performance, versatility, safety, or<br />
convenience.<br />
<br />
<br />
<br />
<br />
technological improvement<br />
feature improvement<br />
style improvement<br />
quality improvement<br />
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3. Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand<br />
different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called<br />
________.<br />
<br />
<br />
<br />
<br />
market estimation<br />
brand association<br />
market partitioning<br />
market valuation<br />
4. This is designed to check systematically and continuously whether the premises on which the strategy is based are<br />
still valid<br />
<br />
<br />
<br />
<br />
Special alert control<br />
Strategic surveillance<br />
Implementation control<br />
Premise control<br />
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5. A firm must know where to position its product based on price and<br />
<br />
<br />
<br />
<br />
promotional efforts<br />
quality<br />
communication<br />
region<br />
6. When performing this analysis, it is good for strategic planners to consider similarities between the benefits the<br />
customers derive from the products and services that other firms offer.<br />
<br />
<br />
<br />
<br />
Competitive analysis<br />
Business analysis<br />
Customer analysis<br />
Company analysis<br />
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7. What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers<br />
expect from a given market offering because of the product, service, people, and image?<br />
<br />
<br />
<br />
<br />
Ultimate service benefit<br />
Complete marketing benefit<br />
Total customer benefit<br />
Total management benefit<br />
8. A valuable result of task environment analysis with respect to geographic, demographic, psychographic and buyerbehavior<br />
factors is called<br />
<br />
<br />
<br />
<br />
competitor profile<br />
financial position<br />
vendor profile<br />
customer profile<br />
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7. What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers<br />
expect from a given market offering because of the product, service, people, and image?<br />
<br />
<br />
<br />
<br />
Ultimate service benefit<br />
Complete marketing benefit<br />
Total customer benefit<br />
Total management benefit<br />
8. A valuable result of task environment analysis with respect to geographic, demographic, psychographic and buyerbehavior<br />
factors is called<br />
<br />
<br />
<br />
<br />
competitor profile<br />
financial position<br />
vendor profile<br />
customer profile<br />
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9. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate<br />
agenda<br />
<br />
<br />
<br />
<br />
ethics<br />
sustainability<br />
rules<br />
righteousness<br />
10. Large-scale, future-oriented plans for interacting with the competitive environment to achieve the company<br />
objective refers to its<br />
<br />
<br />
<br />
<br />
strategy<br />
dynamic policies<br />
competitive analysis<br />
goals<br />
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11. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer<br />
group.<br />
<br />
<br />
<br />
<br />
single-segment concentration<br />
product specialization<br />
market specialization<br />
selective specialization<br />
12. Company X's principal strength is its inbound and outbound logistics system; its relative weakness, however, is aftersales<br />
service. Its competitor, Company Y, however is often plagued with lagging shipments and an inflexible distribution<br />
setup. Company Y remains successful because it maintains a fully staffed service department and, as a result, the company<br />
is known for its dependable service. This type of analysis allows them to identify ways to build on relative strengths and<br />
avoid dependence on capabilities at which the other firm excels.<br />
<br />
<br />
<br />
<br />
Disaggregating<br />
Benchmarking<br />
Past performance comparison<br />
Industry comparison<br />
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13. The strategic factor that involves the beliefs, values, attitudes, opinions, and lifestyles of persons in the firm’s<br />
external environment, as developed from cultural, ecological, demographic, religious, educational, and ethnic<br />
conditioning.<br />
<br />
<br />
<br />
<br />
Political factor<br />
Stakeholder factor<br />
Economic factor<br />
Social factor<br />
14. Leaders galvanize commitment to embrace change through clarifying strategic intent, building an organization,<br />
and<br />
<br />
<br />
<br />
<br />
shaping organizational culture<br />
developing a vision<br />
developing a mission<br />
planning strategy<br />
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15. How do functional tactics compare to business strategies?<br />
<br />
<br />
<br />
<br />
Functional tactics are more focused on the general direction of the firm than business strategies.<br />
Functional tactics are more focused on a commitment to corporate strategy than business strategies.<br />
Functional tactics are more specific than business strategies.<br />
Functional tactics are more long-term than business strategies.<br />
16. Under which of the following conditions is the frequency the most important factor in media selection?<br />
<br />
<br />
<br />
<br />
When introducing flanker brands<br />
When going into undefined target markets<br />
When launching infrequently purchased brands<br />
When there is high consumer resistance to the product<br />
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17. New-to-the-world products are ________.<br />
<br />
<br />
<br />
<br />
new product enhancements that supplement established products<br />
low-cost products designed to obtain an edge in highly competitive markets<br />
new products that create an entirely new market<br />
existing products that are targeted to new geographical markets<br />
18. BMW’s "The ultimate driving machine," American Express' "Don't leave home without it," New York Times' "All the<br />
news that's fit to print," and AT&T's "Reach out and touch someone" are all examples of ________.<br />
<br />
<br />
<br />
<br />
brand mission<br />
brand vision<br />
brand slogan<br />
brand personality<br />
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19. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect<br />
the company?<br />
<br />
<br />
<br />
<br />
Economic<br />
Political<br />
Cultural<br />
Technological<br />
20. Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a "green<br />
marketing" program in response to heightened consumer awareness about environmental issues. What should the<br />
company do to maximize the program's chances of being successful?<br />
<br />
<br />
<br />
<br />
Explain the rules and regulations laid out by governmental agencies to protect the environment.<br />
Focus on the efforts and costs incurred by the company to bring these "green" products to consumers.<br />
Emphasize benefits to the consumer rather than environmental benefits.<br />
Demonstrate that the products will benefit both customers and the society in the long-term.<br />
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21. When diversification involves additions of a business related to the firm in terms of technology, markets or products, it<br />
involves<br />
<br />
<br />
<br />
<br />
vertical diversification<br />
concentric diversification<br />
horizontal integration<br />
concentrated growth<br />
22. These social responsibilities are those that are voluntarily assumed by a business or organization. They include public<br />
relations activities, good citizenship, and full corporate social responsibility.<br />
<br />
<br />
<br />
<br />
Economic responsibility<br />
Legal responsibility<br />
Employee responsibility<br />
Discretionary responsibility<br />
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23. Which control should periodically reassess its approach to the marketplace with a good marketing audit?<br />
<br />
<br />
<br />
<br />
Strategic control<br />
Marketing control<br />
Ethical control<br />
Performance control<br />
24. What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and<br />
differentiated pricing?<br />
<br />
<br />
<br />
<br />
Regular prices<br />
Fixed pricing<br />
Price adaptation<br />
Altered pricing<br />
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25. A set of ideas on organizational control based on the belief that the separation of the ownership from management<br />
creates the potential for the wishes of owners to be ignored refers to<br />
<br />
<br />
<br />
<br />
agency theory<br />
the moral hazard problem<br />
Adam’s theory<br />
ethical responsibilities<br />
26. Firms using this generic strategy attempt to build customer loyalty by stressing a specific product attribute above other<br />
product qualities.<br />
<br />
<br />
<br />
<br />
Cost leadership<br />
Concentrated growth<br />
Focus<br />
Differentiation<br />
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27. A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm<br />
which brands are most competitive with its own.<br />
<br />
<br />
<br />
<br />
switchers<br />
hard-core loyals<br />
shifting loyals<br />
split loyals<br />
28. This is an important structural decision and resultant separate activities need to be coordinated and integrated back<br />
together as a whole so the business functions effectively.<br />
<br />
<br />
<br />
<br />
Broadening<br />
Differentiation<br />
Diversification<br />
Preferencing<br />
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29. This is a historically popular technique through which managers create a quick overview of a company's strategic<br />
situation—it is based on achieving a sound fit between internal resources and the external situation.<br />
<br />
<br />
<br />
<br />
Internal analysis<br />
Value chain analysis<br />
External analysis<br />
SWOT analysis<br />
30. The marketing manager needs to know the cost of the research project before approving it. During which stage of the<br />
marketing research process would such a consideration most likely take place?<br />
<br />
<br />
<br />
<br />
Step 4 – analyzing the information<br />
Step 5 – drafting the report<br />
Step 1 – defining the problem<br />
Step 2 – developing the research plan<br />
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